The Celestia Foundation, a non-profit organization based in Liechtenstein dedicated to the development of Celestia, has secured $100 million in funding from prominent venture capital firms focused on the cryptocurrency space, with Bain Capital Crypto at the helm.
Announced on September 23, this latest fundraising effort has brought the total funds raised for the Celestia (TIA) initiative to $155 million to date. The project’s team succeeded in raising $55 million back in October 2022 in advance of its launch.
Bain Capital and Polychain Capital jointly led that initial fundraising round.
This recent round of investment also attracted interest from Syncracy Capital, Robot Ventures, 1kx, and Placeholder, alongside other venture capital firms and individual investors.
The latest technical roadmap for Celestia
The Celestia Foundation is actively supporting its developers as they work on implementing high-throughput applications within the network. Significantly, the $100 million raise coincides with the core developer community of Celestia revealing the project’s technical roadmap.
A major area of focus is scalability, with developers striving to enhance the modular consensus network’s throughput to compete with Visa’s approximate 24,000 transactions per second. According to the technical roadmap, reaching 1 gigabyte blocks will be a crucial milestone toward this aim.
“When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era,”
Mustafa Al-Bassam, co-founder of Celestia.
Al-Bassam emphasized that the new roadmap encompasses not only the enhancement of blockspace scalability but also the assurance of verifiability and low latency.
Celestia launched its mainnet beta in October 2023 and has achieved significant milestones since then, including the rollout of rollup chains and Blobstream, which facilitates the streaming of Celestia’s data availability layer to Ethereum (ETH).
Additionally, the platform has partnered with Polygon Labs to merge the DA layer with the Polygon Chain Development Kit.
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